GREENBORO, N.C. — The Greensboro City Council approved a $391,000 loan for the Ashley Creek Apartments in a 5-4 vote at its meeting Monday night.
The loan will be paid for with energy efficiency bonds, and with the agreement that the apartments will be 15 percent more energy-efficient.
The company says it will use the loan for repairs to the apartments, which has long been facing issues with bugs, infrastructure and flooding. The city started investigating the complex in May.
City council members discussed this issue at their last meeting, but postponed it due to time constraints.
Prior to the vote, Councilman Zack Matheny said the city voting “yes” would be a bad move.
“I think it sets a huge precedent, not a good precedent. I think there’s been money that’s been set aside for this property. Flooding is always going to be an issue. It’s in a floodplain and again they have $900,000 based on their purchase price and the appraisal price of equity. Any bank would take that loan the city is not a bank,” Methany said.